NCDEX mustard up 1% due to demand ahead of festivals.

Futures contracts of mustard seed on the NCDEX rose over 1% because of high demand from millers ahead of the festival season. The most active September contract of mustard on the NCDEX was up 1.1% from the previous close. The demand from end user consumer rises in the northern and eastern part of the country during the festival, which may support the prices to trade higher in the near term. Prices rose also because of improved demand on the back of lean season of the oilseed. Buying has increased now, as millers fear supplies may fall further in coming days because of lean season. In Rajasthan benchmark market of Jaipur, mustard seed was up 5-10 rupees from previous close.